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Materion

MTRN NYSE Diversified Metals & Mining Financials FY2016–FY2025

Materion's revenue rose 6.0% to $1.8 billion in fiscal 2025. Its operating margin was 6.2%, up from 2.8% a year earlier. Free cash flow was $50 million, up 160.7%. It paid out $19 million in dividends and buybacks, 39% of free cash flow.

Last close · Oct 23, 2026

$221.06

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
6.0% vs prior year
Operating margin Operating income as a share of revenue.
6.2%
3.4 pts
Net income Profit after all expenses, interest and tax.
$74.8M
1,167.8%
Free cash flow Cash from operations minus capital spending.
$50.0M
160.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.3%
5.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
51.5x
On $4.29 EPS (TTM)

What Materion does

No business description yet.

Legal name
MATERION CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104657-26-000011
0001104657

Revenue and margins

Materion had $1.8B of revenue in fiscal 2025, up 6.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $50.0M in fiscal 2025, 2.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Materion returned $19.4M to shareholders in fiscal 2025, 39% of free cash flow. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Materion yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$483M and divides by 20.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 51.5x · peers 44.8x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Materion can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $14.5M$13.1M$13.3M$16.7M$13.7M
Debt incl. finance leases $489M$472M$482M$491M$497M
Net debt / EBITDA 3.9x2.7x2.4x4.1x2.7x
Debt / equity 0.7x0.6x0.5x0.6x0.5x
Interest coverage 21.1x5.5x4.4x1.4x3.6x
Current ratio 3.1x2.9x2.8x3.2x3.1x
Quick ratio 1.3x1.1x1.1x1.3x1.3x
Total assets $1.6B$1.7B$1.8B$1.7B$1.8B
Total liabilities $887M$892M$878M$829M$860M
Shareholders' equity $720M$800M$885M$869M$943M
Net debt (− = net cash) $475M$459M$469M$474M$483M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$13.4M

8 insiders

Of sales under plans

3%

$0.4M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Emily M LiggettDirector Sold 1,012 $232.42 $0.2M Form 4
Aug 31, 2026 Vinod M KhilnaniDirector Sold 2,000 $235.16 $0.5M Form 4
Aug 7, 2026 Darlene J. S. SolomonDirector Sold 3,705 $292.22 $1.1M Form 4
Aug 7, 2026 Jugal K. VijayvargiyaPresident and CEO, Director Sold 24,336 $291.62 $7.1M Form 4
Aug 7, 2026 Shelly Marie ChadwickVice President, Finance & CFO Sold 1,705 $293.00 $0.5M Form 4
May 29, 2026 Robert J PhillippyDirector Sold 3,500 $218.62 $0.8M Form 4
May 13, 2026 Vinod M KhilnaniDirector Sold 2,500 $207.00 $0.5M Form 4
May 8, 2026 Shelly Marie ChadwickVice President, Finance & CFO Sold 1,192 $198.88 $0.2M Form 4
Mar 3, 2026 Gregory R. ChemnitzVP General Counsel & Secretary Sold 4,517 $157.32 $0.7M Form 4
Mar 3, 2026 Melissa A FashinpaurChief Accounting Officer Sold 309 $160.00 $0.0M Form 4
Mar 3, 2026 Shelly Marie ChadwickVice President, Finance & CFO Sold plan 2,539 $160.06 $0.4M Form 4
Feb 23, 2026 Shelly Marie ChadwickVice President, Finance & CFO Sold 8,976 $146.13 $1.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 94 / 97 / 9
Accruals ratio −2.8%−4.7%−1.6%
Altman Z'' 4.854.845.16

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Materion MTRN $4.7B 6.0% 6.2% 2.8% 7.3% 51.5x 7
MP Materials MP $6.8B 10.1% −66.6% −146.2% −10.4% — 3 Compare →
Rio Tinto RIO $136.6B 7.4% 25.9% 7.8% 14.9% — 4 Compare →
Innospec IOSP $2.4B −3.7% 7.3% 5.0% 11.1% 20.1x 6 Compare →
Ashland Global ASH $3.4B −13.7% −42.5% 2.0% −17.5% 69.5x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $969M $1.1B $1.2B $1.2B $1.2B $1.5B $1.8B $1.7B $1.7B $1.8B
Gross profit $185M $213M $251M $263M $193M $284M $344M $349M $326M $309M
Research and development $12.8M $14.0M $15.2M $18.3M $20.3M $26.6M $29.0M $27.5M $29.0M $25.9M
Operating income $28.9M $40.0M $61.8M $70.5M $8.2M $77.1M $120M $136M $47.2M $110M
Interest expense $1.6M $1.6M $1.4M $1.8M $3.4M $3.7M $21.9M $31.3M $34.8M $30.7M
Pretax income $25.3M $36.4M $16.6M $65.5M $8.3M $77.3M $103M $108M $14.9M $81.5M
Income tax −$0.4M $24.9M −$4.4M $12.1M −$7.2M $4.9M $17.1M $12.1M $9.0M $6.7M
Net income $25.7M $11.5M $21.0M $53.4M $15.5M $72.5M $86.0M $95.7M $5.9M $74.8M
Diluted EPS $1.27 $0.56 $1.02 $2.59 $0.75 $3.50 $4.14 $4.58 $0.28 $3.58
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $68.2M $67.8M $76.4M $99.2M $101M $90.2M $116M $144M $87.8M $103M
Capital expenditure $27.2M $27.5M $27.7M $24.3M $67.3M $103M $77.6M $111M $68.6M $53.3M
Free cash flow $41.0M $40.3M $48.7M $75.0M $33.8M −$12.7M $38.4M $33.9M $19.2M $50.0M
Depreciation and amortization $45.7M $42.8M $35.5M $41.1M $42.4M $44.1M $53.4M $61.6M $68.7M $69.1M
Stock-based compensation $3.2M $5.0M $5.3M $7.2M $5.5M $6.5M $8.8M $10.1M $10.6M $10.9M
Acquisitions $1.8M $16.5M $0.0M $0.0M $131M $392M $3.0M $0.0M $0.0M $19.5M
Share buybacks $3.8M $1.1M $0.4M $0.2M $6.8M $0.0M $0.0M $0.0M $0.0M $7.8M
Dividends paid $7.5M $7.9M $8.4M $8.9M $9.3M $9.7M $10.2M $10.6M $11.1M $11.5M
Dividends and buybacks $11.3M $9.0M $8.8M $9.1M $16.0M $9.7M $10.2M $10.6M $11.1M $19.4M
Balance sheet
Cash and short-term investments $31.5M $41.8M $70.6M $125M $25.9M $14.5M $13.1M $13.3M $16.7M $13.7M
Total debt $5.3M $4.6M $3.9M $3.1M $40.4M $470M $457M $468M $478M $483M
Finance lease liabilities $0.0M $0.0M $0.0M $18.7M $23.5M $19.1M $15.4M $14.4M $13.0M $14.0M
Current assets $345M $411M $439M $538M $464M $627M $690M $709M $724M $790M
Current liabilities $90.4M $127M $140M $122M $127M $205M $239M $255M $227M $254M
Inventory $201M $220M $215M $236M $251M $361M $423M $442M $441M $461M
Property and equipment, net $253M $256M $251M $232M $310M $409M $449M $515M $511M $536M
Total assets $741M $791M $843M $898M $1.1B $1.6B $1.7B $1.8B $1.7B $1.8B
Total liabilities $247M $264M $214M $253M $402M $887M $892M $878M $829M $860M
Shareholders' equity $494M $527M $586M $646M $656M $720M $800M $885M $869M $943M
Margins
Gross margin 19.0% 18.7% 20.8% 22.2% 16.4% 18.8% 19.6% 21.0% 19.4% 17.3%
Operating margin 3.0% 3.5% 5.1% 6.0% 0.7% 5.1% 6.8% 8.2% 2.8% 6.2%
EBITDA margin 7.7% 7.3% 8.1% 9.4% 4.3% 8.0% 9.9% 11.9% 6.9% 10.0%
Net margin 2.7% 1.0% 1.7% 4.5% 1.3% 4.8% 4.9% 5.8% 0.4% 4.2%
FCF margin 4.2% 3.5% 4.0% 6.3% 2.9% −0.8% 2.2% 2.0% 1.1% 2.8%
Returns
Return on capital 6.1% 4.2% 12.2% 10.8% 1.3% 7.7% 8.1% 9.3% 1.8% 7.3%
Return on capital employed 4.5% 6.1% 9.0% 9.5% 1.0% 6.6% 8.4% 9.2% 3.2% 7.3%
Return on equity 5.3% 2.2% 3.8% 8.7% 2.4% 10.5% 11.3% 11.4% 0.7% 8.3%
Return on assets 3.5% 1.5% 2.6% 6.1% 1.6% 5.4% 5.2% 5.5% 0.3% 4.3%
Growth
Revenue growth −5.5% 17.6% 6.0% −1.9% −0.8% 28.4% 16.3% −5.2% 1.2% 6.0%
Net income growth −20.0% −55.5% 83.8% 153.7% −71.0% 368.7% 18.7% 11.3% −93.9% 1,170.8%
EPS growth −19.6% −55.9% 82.1% 153.9% −71.0% 366.7% 18.3% 10.6% −93.9% 1,178.6%
FCF growth −33.3% −1.8% 20.8% 54.0% −54.9% −137.5% — −11.7% −43.4% 160.7%
Share count change −0.9% 1.0% 1.0% 0.2% −0.3% 0.4% 0.3% 0.7% 0.1% −0.1%
Financial health
Net debt / EBITDA −0.4x −0.5x −0.7x −0.9x 0.8x 3.9x 2.7x 2.4x 4.1x 2.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.1x 0.7x 0.6x 0.5x 0.6x 0.5x
Interest coverage 17.9x 24.3x 43.0x 39.2x 2.4x 21.1x 5.5x 4.4x 1.4x 3.6x
Current ratio 3.8x 3.2x 3.1x 4.4x 3.7x 3.1x 2.9x 2.8x 3.2x 3.1x
Quick ratio 1.6x 1.5x 1.6x 2.5x 1.7x 1.3x 1.1x 1.1x 1.3x 1.3x
Capital allocation
Capex / revenue 2.8% 2.4% 2.3% 2.1% 5.7% 6.8% 4.4% 6.6% 4.1% 3.0%
Stock comp / revenue 0.3% 0.4% 0.4% 0.6% 0.5% 0.4% 0.5% 0.6% 0.6% 0.6%
Payouts / FCF 27.5% 22.3% 18.1% 12.1% 47.4% — 26.5% 31.4% 57.8% 38.7%
Quality scores
Piotroski F-score 7.0 5.0 6.0 7.0 4.0 6.0 5.0 6.0 4.0 7.0
Altman Z'' 6.9 7.0 7.8 8.5 5.8 4.3 4.7 4.9 4.8 5.2
Accruals ratio −5.7% −7.4% −6.8% −5.3% −8.8% −1.3% −1.8% −2.8% −4.7% −1.6%

Source: SEC EDGAR XBRL filings (CIK 0001104657). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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